If you have ample time and want to be hands-on, I’d recommend choosing a market that interests you and building a team—including an agent, contractors, and a management company—to support you throughout the process.However, if you’re busy and don’t have the time to manage all these aspects, turnkey options might be a better fit.

If the ARV's are off, rehab estimates too low, high down payment terms, and double up on closing, I'm new to this, so this might be a dump question, but what value are they bringing, the search aspect of a deal that is not under MLS (retail)??

Happy to connect to learn your personal preference and goals, as well as the professional/RE ones, and help guide you towards a location that would be conducive for both aspects.

They will all have there own requirements, not only the financial aspects (terms and requirements of loans), but also on experience needed and whether yours qualifies.  

No personal experience here but here's a helpful reference from someone who wrote a blog about different aspects of a 2 flat remodel in Chicago Scroll to "Two-flat journal 6: How to make an all-electric house" - - speaks a little about heat pumps and cost In the HVAC section.  

I do have a few other unique aspects of my situation, that I'll note below along with the property details.*  Property is owned in an LLC. 

I have several property proposals already, ready to present, my team and I will hand all aspects of the investment. we handle the acquisition, the renovation, and management.

Hahah most of the time if you ask "are you looking for someone local so that you can go knock on their door when things go wrong" it's a lighthearted way of saying in our technological age location probably isn't as important as the other aspects.

So from that aspect I'd say its a good learning experience, however, with regard to the specific situation of the current people living there thats a good discussion for a local realestate lawyer. 

I think I'm sitting around 10% bad guests overall (no scientific formula here, lol), and 5-10% are just a lot to deal with.